Recently, the term “transparency in healthcare” has been mentioned during discussions focusing on our nation’s healthcare system and ensuing conversation often centers on how the lack of transparency impacts healthcare costs. This lack of transparency not only affects the consumer, who is often in the dark regarding the costs they will be billed for most aspects of their care, but business owners too, who pay for employee healthcare without the necessary data to substantiate and affect premiums.
Healthcare transparency, in very simple terms, refers to making care information from a provider public in an accurate and understandable way, revealing details concerning quality, efficiency, cost, outcomes and consumer satisfaction. Increasingly, hospitals, physicians, insurance carriers, drug makers, third-party administrators and even governmental agencies have come under pressure to reveal this data, which will allow the consumer to make more informed decisions regarding whether and where they would like to obtain a particular healthcare service and business owners an opportunity to understand and better control the costs comprising the premiums they pay.
Transparency has been increasing, but very slowly. And although most agree it is necessary, there are also skeptics who question just how effective transparency will be in controlling the rapidly increasing price of healthcare. After all, providing the data is one thing, getting people to use the data to act is another. More than likely, transparency is just one component in a bundle of reforms needed to affect a transition to value-based care and tame the pace of rising healthcare costs.
As new developments occur in health care and potential reform, the experts at My Benefit Advisor (MBA) are here to guide you through any potential requirements and ways to save on your premium. We are ready to help you find the solution that fits your needs, from group insurance to individual coverage. For more information about MBA, contact us.